News Release

July 3, 2024 (Salt Lake City) – Utah’s consumer sentiment decreased by 0.5% in June (from 77.7 in May to 77.3), according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment. This monthly change is not statistically significant. A similar survey by the University of Michigan found that sentiment fell 1.3% among Americans as a whole during the same time (from 69.1 to 68.2).

“U.S. and Utah consumer sentiments appear to be taking a summer pause,” said Phil Dean, chief economist at the Gardner Institute. “All eyes remain fixed on inflation and the actions of the Federal Reserve, which appear to also be in a holding pattern in this uncertain economic environment.”

The full results are now available online.

Utah’s consumer sentiment survey includes seven questions concerning current and expected future economic conditions. Five of the questions are identical to those included in the University of Michigan’s Survey of Consumer Sentiment in the U.S. Two of those questions refer to business or economic conditions in the country (rather than in one’s home state, for example).